Viking Supply Ships has trimmed its net loss in the first quarter but market conditions remained poor.
The offshore vessel owner saw red ink of SEK 2m ($0.23m) from January to March, compared to SEK 40m a year ago.
Its anchor handlers won an average rate of $36,400, against $63,600 in the corresponding quarter of 2016.
Utilization for anchor handlers was 23% compared to 56% last year while Viking’s platform supply vessels (PSVs) remained idle during the quarter.
Trond Myklebust, chief executive of Viking, said: “The North Sea market was significantly impacted by poor weather and low activity during the first two months of the quarter.
“The result was positively impacted by gains from the bond settlement related to the financial restructuring.”
Viking signed a restructuring agreement with its bondholders which was completed in January through a cash redemption and an equity issue.
As part of the company’s restructuring, two more vessels were reflagged to Norway.
Viking initially moved four ships under the Norwegian registry late last year.
The company said its latest decision is a further step to reduce operational expenses and focus on the Norwegian continental shelf.
